The market overall closed down 0.8 per cent. Frances Sweetman, a senior analyst at Milford Asset Management, which invested in the listing, said markets had been very weak since investors submitted their bids and the My Food Bag price was set. “Listing into such a weak market as it was on Friday, it’s not surprising. It’s always more difficult with new listings. Investors were nervous about how the company will respond to broader market weakness because we don’t have the track record to rely on. You would expect new listings to underperform the broader market.” The New Zealand sharemarket is now down about 10 per cent from January.