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New Zealand Shares Fall; Fletcher Building Sells South Australia Industrial Property for Over AU$20 Million

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New Zealand shares ended lower on Thursday amid a broad-based decline in Asian shares as inflation fears impacted US Treasury bonds.

The S&P/NZX 50 Index fell 0.46% or 60.06 points to close at 12,965.01.

The US Treasury two-year yield rose to 4.07%, and the 10-year yield rose 4.5% amid investors' expectations of an upcoming Federal Reserve rate hike as inflation pressures rise.

In domestic news, petrol and diesel prices in New Zealand increased by nearly 13% and 37%, respectively, in April compared with the previous month, according to a Stats NZ selected price indexes report.

Also, New Zealand's manufacturing sector showed only marginal growth in April, as weakening demand and production pointed to a clear slowdown amid rising global uncertainty and softer business conditions, BusinessNZ said.

In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) entered into an unconditional agreement to sell its surplus Iplex Australia industrial property in Elizabeth for AU$20.1 million to an industrial property investor.

Meridian Energy (ASX:MEZ, NZE:MEL) secured approval to develop the Bunnythorpe Energy Park in Manawatu in New Zealand's North Island, featuring a 120-megawatt (MW) solar farm alongside a previously approved battery energy storage system.

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