Game’s shares were expected to rise after Sony revealed a much-anticipated PlayStation 3 price cut on Tuesday.

Sony is introducing a cheaper and slimmer version of the console, which will launch in the first week of September, priced at £249.99.

Although some had anticipated a price cut to below £200, new hardware with a reduced price point should help boost sales in the crucial run-up to Christmas. The games sector has been suffering declining sales this year after comparatively weak software releases this summer.

Seymour Pierce analyst Freddie George said the price cut “should stimulate sales of the software, the blue ray discs and the hardware” for the computer entertainment group. “We reiterate our buy recommendation,” said George.

HMV, another key player in the games market, is also expected to benefit from Sony’s price cut.

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