Hot Small Caps: Senior up on hopes for Boeing strike deal

LONDON (Reuters) - Following is a round-up of key small cap movers on the London stock market on Friday.

12:00 GMT - Senior jumps on hopes for Boeing strike deal

Shares in aerospace engineer Senior (SNR.L) rise as much as 38 percent amid mounting hopes a strike at Boeing (BA.N), one of its most important customers, will be resolved this weekend.

The dispute is costing Senior about 1.5 million pounds a month, says analyst James Tetley at Brewin Dolphin. The company's ability to weather it without earnings downgrade so far points to its strength, Tetley says, but it can only continue doing so until early November.

"We expect Boeing to resume production with all guns blazing," he says. "It bodes well (for Senior) for next year."

11:11 GMT - Petmin up as Numis repeats "Buy"

Shares in Petmin, (PETJ.L), the AIM listed minerals, mining and processing company, climb 4.7 percent as Numis repeats its "buy" recommendation, saying the company will benefit from weakness in the South African Rand and is immune to lower commodity prices.

The broker, which also keeps its 48 pence target price on the stock, says prices have been locked in for all Petmin's 2009 volumes and it is upgrading Petmin's Rand based earnings figures.

Furthermore, Numis says it expects the company's net cash position to increase during 2009 and 2010, believing it is well positioned to weather any downturn in commodity prices, while expecting earnings to remain robust.

11:08 GMT - Ithaca Energy soars on asset sale news

Shares in Ithaca Energy Inc. (IAE.L) (IAE.V), the North Sea focused oil and gas exploration group, almost double to trade over 96 percent higher -- one of the top risers on AIM - after a series of asset sales to Dyas UK Ltd gives the group the necessary funding to develop other prospects. In total, the sales could be worth $126.8 million if certain options are exercised.

Investment Research firm Tristone Capital says the transaction will alleviate a funding gap for its Jacky development and allow the field to proceed to full production. It has a target price of 53 pence for Ithaca's shares which are up 88 percent at 28.4 pence having earlier risen as high as 29.5 pence.

10:49 GMT - Goldenport falls after trading update

Shares in Goldenport (GPRT.L) fall 13 percent after a trading update in which the shipping company says that during October the market changed dramatically, with the financial crisis hitting the market segments in which it operates.

Panmure Gordon says that the latest trading update, combined with a number of company specific events, prompts it to reduce its EPS estimates for 2008 and 2009 by about 16 percent, and 50 percent, respectively, and to slash its target price, to 200 pence, from 500 pence.

The broker however, keeps its "buy" recommendation saying the company's financial position remains strong, and Goldenport seems well positioned to weather this unprecedented storm.