The Bubs Australia Ltd (ASX: BUB) share price struggled on the ASX today despite no news being released by the company.
The last time the ASX heard news from the formula and baby food producer was late last month when it announced it was branching into family nutrition.
As of Wednesday's close, the Bubs share price was trading at 55.5 cents, 1.89% lower than its previous close.
While there's no apparent reason why Bubs suffered through much of today, it wasn't alone in its struggles.
The S&P/ASX 200 Index (ASX: XJO) also had a challenging day, closing 0.73% lower. Meanwhile, the All Ordinaries Index (ASX: XAO) slid 0.58%.
Let's take a closer look at what went on with the Bubs share price today.
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Bubs share price struggles on Wednesday
Interestingly, the Bubs share price was one of the better performers among its peers on Wednesday.
The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) also spent much of today in the red before limping in to finish with a 0.04% gain.
While Bubs doesn't call the consumer staples index home (it's actually in the consumer defensive sector), many of its peers do. Thus, the index movement also tends to influence the Bubs share price.
Weighing on the sector was Bubs' direct competitor, formula and milk product producer A2 Milk Company Ltd (ASX: A2M).
The A2 Milk share price slipped 0.33% today to finish at $6.09. While there was no price sensitive news out of A2 Milk, the company did conduct its annual general meeting today.
Other shares in the consumer staples sector that fell today include United Malt Group Ltd (ASX: UMG). United Malt's stock fell 1.6% after it released its results for the financial year 2021. The Treasury Wine Estates Ltd (ASX: TWE) share price also tumbled 1.3%.
The latest news from Bubs
The last time the ASX market heard any news that moved the Bubs share price was on 28 October.
At the time, Bubs announced it was launching a range of cow's milk powder products for the whole family.
The company said that by branching out, it could tap into the US$15.7 billion market for whole milk powder.
Bubs expects to ship initial orders for its new whole milk powder products in the second quarter of the 2022 financial year.
