UPDATE 1-Reunert revises FY profit forecast, shares rise

* FY basic, headline EPS to equal 2008 earnings

* Improvement in earnings thanks to Nokia Siemens investment

* Shares up 7 pct

(Adds details, share price)

JOHANNESBURG, Nov 5 (Reuters) - South African electronics firm Reunert Ltd (RLOJ.J) expects full-year basic and headline earnings per share to equal 2008 earnings, it said on Thursday, sending its shares up over 7 percent.

The firm said the improvement in earnings was thanks to its investment in Nokia Siemens. Reunert in August forecast a 17-27 percent fall in full-year headline earnings per share due to deteriorating trading conditions and a decline in business volumes.

Basic earnings and headline earnings for 2008 stood at 650.1 cents and 651.9 cents respectively.

"This improvement in basic and headline earnings per share is due to the non-cash mark to market profit on the put option that Reunert has in respect of its investment in Nokia Siemens Networks," it said in a statement.

Reunert's shares jumped 7 percent on the news and were trading 6.06 percent higher at 52.50 rand by 1135 GMT, outperforming a 0.85 percent weaker JSE Mid-cap index .JMIDC.

It said it expected normalised headline earnings per share to be between 18-23 percent lower. (Reporting by Serena Chaudhry)