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Bolton took the lead at the end of the first half through Danish striker Henrik Pedersen's header.

Henri Camara gave Wolves hope of an invaluable three points with an instant equaliser, firing home from 20 yards.

The home side wasted several chances and had three penalty appeals turned down before Davies slotted home Kevin Nolan's pass to break Wolves hearts.

The defeat leaves Wolves six points adrift of second-bottom Leicester in the Premiership table with the other teams having games in hand.

They had made an encouraging start and had a penalty appeal turned down by referee Uriah Rennie inside the first minute.

Mark Kennedy cut in off his wing and into the Bolton penalty area where Stelios Giannakopoulos appeared to bring him down, but Rennie saw nothing in the challenge.

Wolves failed to build on their early promise though and were fortunate not to find themselves behind on seven minutes when Ivan Campo conspired to head over from close range after latching onto Giannakopoulos' cross.

KEY MOMENTS 43 mins: Bolton's Henrik Pedersen heads his side into the lead 44 mins: Henri Camara scores an instant equaliser for Wolves 90 mins: Kevin Davies scores Bolton's late winner.

Captain Paul Ince was leading by example for Wolves with typical tenacity and his well-timed tackle on Per Frandsen helped his side keep things level despite a lack of possession.

Ince spoilt his copy book with a woeful cross on a rare Wolves foray into Bolton territory but he swiftly redeemed himself as he got on the end of a near-post corner only to see his brave diving header to go just wide.

Wolves, though, were struggling to retain possession long enough to seriously threaten.

Frandsen and Campo shots both caused alarm in the Wolves defence, and it was no surprise when Pedersen finally put the visitors in front on 42 minutes.

Campo sent in an inviting cross from the right wing and Pedersen made no mistake with his header past Paul Jones.

But Wolves showed they had not given up with an equaliser just seconds later as Camara picked up a loose ball, and went past Bruno N'Gotty before sending a powerful shot into the top corner.

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Wolves, buoyed by their strong finish to the first half, continued to pepper Jaaskelainen's goal with efforts through Camara, Newton and Ince all going close.

The home side allowed their tempo to drop slightly, and Bolton took advantage with Campo and Giannakopoulos sending speculative shots in.

Emerson Thome was next to threaten with an audacious lob, and on 65 minutes Davies headed over.

Wolves' Carl Cort worked himself into a good position but lost his footing as he lined up a shot on the turn, while a succession of corners and crosses were plucked out of the air by Jaaskelainen.

Wolves were incensed when a second and third penalty appeals were turned down after incidents involving Jaaskelainen and Paul Butler, and Thome and Kenny Miller.

And Davies right-footed winner for Bolton from Kevin Nolan's pass, made Wolves pay a heavy price.

Wolverhampton: Jones, Irwin (Miller 82), Okoronkwo, Butler, Naylor, Newton, Ince, Cameron, Kennedy, Camara, Cort.
Subs not used: Oakes, Craddock, Ganea, Gudjonsson.

Booked: Irwin, Okoronkwo.

Bolton: Jaaskelainen, Hunt, N'Gotty, Thome, Barness, Campo, Giannakopoulos (Djorkaeff 76), Nolan, Frandsen (Okocha 51), Pedersen, Davies.
Subs not used: Poole, Charlton, Javi Moreno.

Booked: N'Gotty.

Attendance: 28,695.

Referee: U Rennie (S Yorkshire).