Market round-up: FTSE 100 investors bet on Ladbrokes and Gala Coral after word of merger

Ladbrokes betting shop — The smart money was on Ladbrokes following news of a proposed merger Reuters

The seemingly never ending Greek debt saga held the FTSE 100 back on 23 June with investors driving only a slight up tick in the market.

The smart money was placed on bookies Ladbrokes and Gala Coral as talks of a merger edged ahead.

"The two groups are currently the second and third largest bookmakers in the UK but if they get together, they would be a serious rival to market leader William Hill," said AJ Bell investment director Russ Mould, indicating they would "be better placed to weather the gaming taxes that came into force at the beginning of the year".

The market ended up just 0.13%, closing at 6,834.87 after it gained rapidly on 22 June following positive news that Greece may be close to a deal. With no deal in sight, though, that optimism waned.

Blue chip distribution and outsourcing company Bunzl lagged after the company reported a slowdown in growth in the second quarter brought about by declining interest in price declines in North America and low interest in plastic resin products.