The JMP Weekly Alert - JMP Markets

PNGX EQUITIES • CITY PHARMACY • VWAP & VOLUME

CPL:PNGX Trading Summary,
VWAP 30, 60 & 90 Day

Issued 22 Sep 2026 | Coverage CPL:PNGX | Period 2 Jan – 8 Sep 2026

30-DAY VWAP K1.0518 +1.4% over 90-day	PERIOD VOLUME 1,500,784 62 matched trades
PERIOD VALUE K1.41m Period VWAP K0.9398	VWAP TREND +79% K0.6105 → K1.0926

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Trading Snapshot

The shorter the window, the higher the price — CPL’s 30-day VWAP of K1.0518 sits above the 60-day (K1.0404) and 90-day (K1.0368) readings. Most of the volume is recent: 797,089 of the 962,924 shares traded over 90 days changed hands in the last 30.

Window	VWAP	Volume	Trades	Value
30-day 10 Aug – 8 Sep	K1.0518	797,089	14	K838,374
60-day 10 Jul – 8 Sep	K1.0404	944,909	29	K983,064
90-day 11 Jun – 8 Sep	K1.0368	962,924	34	K998,377

Source: PNGX matched on-market trades; windows measured back from the last matched trade (8 September 2026). JMP Securities analysis.

30 / 60 / 90-Day VWAP

Price is firming at the short end. Volume, however, is concentrated: one 730,000-share trade on 27 August makes up 76% of everything traded over 90 days.

CPL volume and VWAP by trailing window

Window	From	Trades	Volume	Value (K)	VWAP (K)	Range (K)
30-day	10 Aug 2026	14	797,089	838,374	1.0518	1.05–1.10
60-day	10 Jul 2026	29	944,909	983,064	1.0404	0.95–1.10
90-day	11 Jun 2026	34	962,924	998,377	1.0368	0.85–1.10

Daily Volume & Price — 90-Day Window

The 27 August block trade comprised 730,000 shares at K1.05 and accounts for 76% of total 90-day volume.

WHAT THE DATA SHOWS

+1.4% — 30-day VWAP over the 90-day VWAP; shorter windows price higher.

76% — of 90-day volume came from a single 730,000-share on-market trade on 27 Aug at K1.05.

K1.0713 — 30-day VWAP excluding that block, versus K0.9955 for the 90-day; the uptrend holds without it.

Current Price vs VWAP

CPL’s current market price of K1.10 is trading at a premium to every VWAP window — 4.6% above the 30-day VWAP, widening to 17.0% above the year-to-date VWAP, as the stock has re-rated steadily through 2026.

Month	Trades	Volume	Value (K)	Close (K)	VWAP (K)
Jan-26	6	16,887	10,311	0.60	0.6105
Feb-26	3	16,106	10,358	0.64	0.6431
Mar-26	10	174,664	131,398	0.79	0.7522
Apr-26	—	—	—	0.79	0.7522
May-26	6	80,467	62,747	0.79	0.7798
Jun-26	8	267,751	212,604	0.85	0.7940
Jul-26	15	147,820	144,690	1.05	0.9788
Aug-26	12	763,484	801,658	1.05	1.0500
Sep-26*	2	33,605	36,716	1.10	1.0926
TOTAL	62	1,500,784	1,410,482		0.9398

Source: PNGX matched on-market trades (Tab 1); VWAP = value ÷ volume, by trailing window and by calendar month. April had zero matched trades — volume shows as 0, VWAP and month-end price carried flat from March. Current price = last matched trade, 8 Sep 2026. JMP Securities analysis. General information only.

Key Takeaways

The Picture So Far

Between 2 January and 8 September 2026, City Pharmacy Limited traded 1,500,784 shares on the PNGX across 62 matched on-market trades, for K1,410,482 in value.

The price trend has been consistently upward — each month that traded printed a higher VWAP than the one before — and the trailing windows confirm it, with the 30-day VWAP above both the 60- and 90-day readings.

Liquidity, however, is concentrated. A single 730,000-share trade in August drove the busiest month on record, and April passed without a matched trade. Volume-based conclusions should be read with that in mind.

01 Steady VWAP uptrend VWAP rose from K0.6105 in January to K1.0926 as of early September, across the review period.	02 Short-term above long-term The 30-day trailing VWAP (K1.0518) sits above the 60-day (K1.0404) and 90-day (K1.0368), consistent with the recent uptrend.
03 August volume spike August was the highest-volume month on record at 763,484 shares, driven largely by a single 730,000-share on-market trade.	04 April gap No matched trades were recorded in April 2026.

PERIOD VWAP
K0.9398

30-DAY VWAP
K1.0518

MATCHED TRADES
62

Source: PNGX matched trade data, JMP Securities Limited. Figures rounded.

Prepared by Benny Takin — JMP Securities Limited, Equities Desk
Level 3, ADF Haus, Musgrave Street, Port Moresby NCD

For Further Enquiries

Benny Takin
Equities Trader — JMP Securities Limited
benny.takin@jmpmarkets.com
+675 7001 9121 / 320 0240

JMP Securities Limited
Level 3, ADF Haus, Musgrave Street
PO Box 2064, Port Moresby NCD, Papua New Guinea

What This Summary Covered

30 / 60 / 90-day trailing VWAP and volume to 8 Sep 2026
Monthly VWAP & volume trend, Jan – Sep 2026
Month-by-month trades, volume, value and VWAP
Key takeaways — VWAP uptrend, August block trade, April gap

DISCLAIMER
This document has been prepared by JMP Securities Limited for internal and client discussion purposes only and does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security. All trade data is sourced from matched, on-market PNGX transactions and is believed to be accurate at the time of preparation, but JMP Securities Limited makes no representation or warranty as to its completeness or accuracy. VWAP and volume figures are historical and are not indicative of future price or trading performance. Past performance is not a reliable indicator of future results. This document may not be reproduced or distributed, in whole or in part, without the prior written consent of JMP Securities Limited. JMP Securities Limited is a licensed securities dealer on the Papua New Guinea Exchange (PNGX).

The Picture So Far

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