Shell's New Zealand owners have ditched the global brand and are re-branding all its service stations Z Energy.

Stocks on Wall Street recovered overnight as a rebound in prices of raw materials bolstered commodity producers.

Disappointing US economic data prompted a selloff in oil overnight, which dropped more than 8 per cent. Stocks on Wall Street fell, with losses accelerating towards the close.

Motorists have been stung with record petrol prices as major suppliers increased the cost petrol again.

State-owned Solid Energy says it has lost at least $30m after operations at its underground Spring Creek mine were suspended five months ago due to safety concerns.

BP hopes to resume drilling in the Gulf of Mexico later this year, as the company revealed that last year's devastating spill continues to drag on profits.

Contact Energy has announced a one-for-nine renounceable rights issue to raise around $350m to help fund new geothermal power station.