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Have £3k to invest? 2 of the best UK shares I’d buy in an ISA in October to get rich

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Investor nerves remain on edge as we move into October, and appetite for UK shares remains sickly. The VIX, or so called ‘fear index,’ remains at elevated levels as news of rising Covid-19 infection rates chills confidence. It’s unlikely that this gauge of market volatility will settle down any time soon, either, as lockdown measures are gradually reintroduced to stem the pandemic.

The coronavirus isn’t the only reason why UK share prices could struggle in October, however. An explosive US presidential election is also likely to stem investor appetite, and particularly so if President Trump drops more hints that he’ll refuse to leave office if he loses the 3 November decision. The new month also promises to be a big one in the Brexit story. A further lack of progress in hammering out a trade deal will leave Britain and the European Union on the brink of a painful split on 1 January 2021.

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Consider the bigger picture

It doesn’t matter much to me how UK share prices will behave in the next few weeks or months though. I’m not that concerned by how they’ll move a few years from now either. This is because I buy equities for my Stocks and Shares ISA with a view to holding them for a minimum of 10 years. Over this time frame quality UK shares can expect to recover from any temporary weakness during periods of broader financial market volatility and deliver terrific returns.

Hand holding pound notes

That said, there’s nothing wrong with buying stocks in anticipation of some meaty near-term share price gains. They can help give your long-term returns an extra little shot in the arm. With this in mind here are two UK shares I think could soar in value during October:

  • Solgold has plenty of scope to soar in the weeks ahead. Gold prices have retreated in September from recent record highs above $2,000 per ounce. But with profits now booked I reckon bullion’s in great shape to charge again given the uncertain economic and political environment. Healthy gold price gains have already pushed Solgold’s share price 30% higher in 2020.
  • I’d use recent share price weakness at Softcat as a buying opportunity too. The IT services provider is due to release full-year financials on Tuesday, 20 October, a release that’s sure to remind the market of the UK share’s bright earnings outlook. Trading in the fiscal year ended July 2020 was “slightly ahead” of Softcat’s expectations. Signs of further strong trading since could send its share price soaring again.

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Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended Softcat. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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