fallacy of liquidity - cer vs cnp

A few smart posters have been asking about why CER is going down versus its seemingly inferior sister co CNP.
Since about the 27th of Jan this has been quite apparent.
I watched Alan Kohlers show inside business, and surprise- surprise - Super funds are still liquidating shares. IMHO partly because super fund members are asking for their shares to be moved into cash, and partly due to the super funds being conservative. Whatever the case - they need to sell, and they often need to sell based on guidelines and policies and "top-down" considerations.
Looking at the recent performance of CER vs CNP, here are some rough stats based on looking at charts. You might want to pull out your calculator and work this out more accurately.

CNP has had average turnover of about 1.5 mill shares per day since about the 27th. They have total outstanding shares of 896 mill. This is 0.17% of total shares per day.

CER has had average turnover of about 5.5 mill shares per day since about the 27th. They have total outstanding shares of 2286 mill. This is about 0.24% of total shares.

I think the relative difference may be even greater - I have tried to be aware of our human tendency to make the facts agree with the theory, and possibly over-compensate a bit.

The fallacy of liquidity would arise whereby there are more buyers for CER than CNP, and therefore more liquidity. The relative demand for CER shares is about one-third more than for CNP.
so if sellers need to sell - CER cops it due to its greater liquidity.