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BUZZ-StanChart: shares jump another 5 pct

Reuters - UK Focus

** Standard Chartered (HKSE: 2888.HK - news) poised for their best 2-day gain in nearly 2-1/2 years after shares jump another 5 pct

** Sweeping management changes likely to be the catalyst for funds that had stayed away even as valuations got down to distressed levels, on Asian broker says, adding current strength down to short-covering ahead of this flow

** Stock is top performer on the FTSE on another day of healthy activity with about $100 mln traded by late morning. Volumes already about 3/4th a daily average

** StanChart (HKSE: 2888-OL.HK - news) announced a boardroom clearout on Thursday which led to the departure of CEO Peter Sands, its Asia head, its chairman and three non-executive directors

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** CLSA says assumption is that Bill Winters, who takes over in June, will conduct a material re-basing of the book and potentially a capital raise to shore up liquidity

** StanChart currently trades at 0.8 times book value vs 0.9 times and 1.2 times for HSBC and Lloyds Bank respectively (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)