FTSE 100 today: flat as ECB rate cut eyed; Wise shifts listing, Wizz slumps

European markets anticipate an ECB rate cut amid mixed corporate news from the UK. Wise PLC announced plans for a primary U.S. listing following a 15% revenue jump to £1.21B and a 17% pre-tax profit increase to £564.8M, sending shares up 8%, while Wizz Air shares plummeted over 24% due to weak FY26 guidance and missed EBITDA estimates despite a profit beat; Workspace Group and CMC Markets reported resilient FY results and revenue climbs, respectively.

Analysis

British equities exhibited minimal movement on Thursday, with the FTSE 100 index up a marginal 0.04%, as market participants anticipated a widely expected interest rate reduction by the European Central Bank aimed at bolstering the eurozone economy. Concurrently, the British pound experienced a slight depreciation of 0.04% against the US dollar. In significant corporate developments, Wise PLC announced its intention to pursue a primary listing in the United States, while maintaining a secondary listing in London, a strategic move to enhance its investor base and liquidity; this followed the company reporting a 15% year-over-year revenue increase to £1.21 billion and a 17% rise in pre-tax profit to £564.8 million for the year ending March 31, leading to an approximate 8% surge in its share price. Conversely, Wizz Air Holdings Plc saw its shares plummet by over 24% after issuing a weaker-than-anticipated outlook for fiscal year 2026 and missing EBITDA estimates (€1.13 billion vs. consensus), despite its net profit of €214 million surpassing expectations; the airline also projected slower Available Seat Kilometer (ASK) growth for H1 FY26. Workspace Group PLC reported resilient full-year results, with underlying rental income up 1.7% to £135.5 million, though net rental income decreased by 3.2% to £122.1 million due to asset disposals; trading profit after interest saw a modest 1.2% increase to £66.8 million. CMC Markets Plc reported a 7% increase in annual net operating income to £332.8 million, buoyed by a 16% jump in its stockbroking division's contribution to £82.7 million, which now accounts for nearly 25% of group earnings, and a 5% rise in pre-tax profit to £63.6 million.

Key Decisions for Investors

• Investors should evaluate Wise PLC's growth momentum and the potential benefits of its planned U.S. primary listing, while remaining cognizant of the execution risks involved in such a transition.
• Extreme caution is advised for Wizz Air Holdings Plc, as its significantly weaker FY26 guidance and EBITDA shortfall have heavily impacted investor sentiment, overshadowing its recent net profit beat.
• Workspace Group PLC may warrant consideration for its stable underlying rental income and improved dividend proposal, but investors should factor in the impact of asset sales on net rental income and prevailing real estate market conditions.
• CMC Markets Plc presents a potentially favorable investment case, driven by its robust revenue growth, particularly the strong performance of its stockbroking arm, and overall improved profitability.
• All investors should closely monitor the European Central Bank's upcoming interest rate decision and accompanying policy statements for their potential influence on broader market sentiment and currency valuations.