Hot small caps: Anite up on public sector business unit sale

LONDON (Reuters) - The following is a round-up of key small cap movers on the London stock market on Friday. 12:25 p.m. - Anite up on public sector business unit sale

Shares in Anite (AIE.L) rise 5 percent to 36.53 pence after the software company sells its public sector business for 54.3 million pounds in cash.

The sale does not amount "racy multiples as might be expected given the single digit P/E on which Anite itself trades, but we believe there will be a sense of relief that the unit has gone, and that management can continue to work on removing the conglomerate discount," Landsbanki analysts say. "We are pleased to see Anite finally moving ahead with reshaping the group and still believe there is significant value locked within the company."

12:15 p.m. - Sterling down on disappointing well drill

Shares is Sterling Energy (SEY.L) slump 7 percent after the AIM-listed oil and gas explorer, which has interests in Mexico, Africa and the Middle East, fails to find hydrocarbons in its Charlie 1 well in Gabon, west central Africa.

"Sterling had farmed out much of the cost in this well ... Whilst disappointing, this well was never going to be a transformational event -- unlike the Madagascar and Kurdistan wells likely in 2009," says Evolution analyst Keith Morris in a note.

12 p.m. - Just Retirement falls on slowing Q4 sales

Shares in Just Retirement JR.L dip 4.5 percent to 111.5 pence after the UK life assurance group reports slowing fourth quarter annuity sales and equity release mortgage advances.

"Quarter on quarter annuity sales were down 2.5 percent...equity release sales have been slow to develop but is an important long term profit generator for the group," says FinnCap analyst Duncan Hall in a note.