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5 things to watch on the ASX 200 on Friday

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On Thursday the S&P/ASX 200 Index (ASX: XJO) continued its winning streak and stormed higher again. The benchmark index jumped 0.8% to 6,823.7 points.

Will the market be able to build on this on Friday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to end the week on a disappointing note. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.35% lower this morning. This is despite it being a reasonably positive night of trade on Wall Street. Late on, the Dow Jones is up 0.1%, the S&P 500 is up 0.2%, and the Nasdaq index has jumped 0.6% higher.

Soul Patts convertible note

The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price will be on watch today after announcing a convertible note offering. The investment house is aiming to raise $250 million from the offering. The company intends to use the funds to repay debt and strengthen its liquidity position. The notes will be listed on the Singapore stock exchange.

Oil prices mixed

Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be in focus today after a mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price is down 0.3% to US$53.15 a barrel and the Brent crude oil price has climbed 0.1% to US$56.11 a barrel. A surprise increase in US crude stockpiles weighed on the WTI crude oil price.

Gold price edges higher

It could be another positive day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) after the gold price pushed higher. According to CNBC, the spot gold price is up 0.15% to US$1,869.40 an ounce. Optimism over further US stimulus is supporting the gold price.

Netwealth given neutral rating

The Netwealth Group Ltd (ASX: NWL) share price could be fully valued now after storming higher on Thursday. According to a note out of Goldman Sachs, its analysts have held firm with their neutral rating but lifted the price target on this investment platform provider’s shares to $17.21. This follows its second quarter update, which included an upgrade to its guidance. Goldman prefers HUB24 Ltd (ASX: HUB).

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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