With E3 and the promised reveal of Nintendo's new console drawing ever closer, retail prices of the Wii have hit an all time low, dropping below £100 for the first time in the console's history.

HMV, the embattled high street music retailer, has said that it will be selling Waterstone's bookstore chain to A&NN Capital for £53 million.

Shares in HMV were down on the FTSE All Share after the retailer issued a profit warning in which it said pre-tax profit for the full year would be around £30 million.

Shares in Home Retail were up on the FTSE 250 in morning trading after a "steady" and "unexciting" update exceeded the low expectations of investors.

Shares in HMV were down on the FTSE All Share in afternoon trading after the retailer reported falling sales over Christmas and said that it may breach its April covenant test under its banking facility.

Shares in British banks were broadly down on the FTSE 100 in morning trading as retailers indicated that sales had been relatively poor in the run up to Christmas.

Shares in HMV dived over 20 per cent on the FTSE All Share in morning trading after the retailer said it had nearly doubled its losses and net debt in the half year ended 23 October.

HMV Group has reported a rise in pre-tax profit of over 17 per cent in the full year ended 24 April 2010, however net debt at the group has ballooned thanks to a series of acquisitions made in the period.

Shares in HMV were up over six per cent on the FTSE Small Cap and are a "cautious buy", ahead of tomorrow's preliminary results for the full year.