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vGLOBAL X COPPER MINERS ETF $6.99 (New York symbol COPX; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Copper Miners Index, which includes 20 to 40 international companies that mine, refine or explore for copper. Germany-based Structured Solutions AG created this index.

Canadian firms make up 41.0% of the ETF’s holdings. It also includes companies based in Australia (15.5%), China (5.4%), Peru (5.0%) and Mexico (4.6%). The fund’s MER is 0.65%.

Its top holdings are Hudbay Minerals at 6.4%; Imperial Metals, 6.4%; Antofagasta plc, 5.8%; Teck Resources, 5.6%; Southern Copper, 5.6%; Jiangxi Copper, 5.5%; Lundin Mining, 5.2%; Kazakhmys, 5.2%; Turquoise Hill, 5.1%; Grupo Mexico, 5.0%; and Glencore International, 4.8%.

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GLOBAL X SILVER MINERS ETF $9.11 (New York symbol SIL; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Silver Miners Index.

This index includes 25 international firms that mine, refine or explore for silver. It was developed by Germany-based Structured Solutions AG.

Canadian firms make up 55.1% of the fund’s holdings, but it also includes miners in the U.S. (14.3%) and Mexico (12.3%). Its MER is 0.65%.

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ISHARES S&P/TSX GLOBAL GOLD INDEX FUND $10.63 (Toronto symbol XGD; buy or sell through brokers; ca.ishares.com) aims to mirror the performance of the S&P/TSX Global Gold Index.

This index is made up of 38 gold stocks from Canada and around the world. The iShares S&P/TSX Global Gold Index Fund’s MER is 0.61%. It began trading on March 23, 2001.

The fund’s top holdings are Goldcorp at 15.8%; Barrick Gold, 13.3%; Newmont Mining, 11.6%; Franco Nevada, 7.2%; Randgold Resources (ADR), 6.3%; Agnico-Eagle Mines, 5.9%; Royal Gold, 4.1%; AngloGold Ashanti (ADR), 4.1%; Eldorado Gold, 3.4%; and Yamana Gold, 3.1%.

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ISHARES INDIA 50 ETF $33.02 (Nasdaq symbol INDY; buy or sell through brokers; us.ishares.com) is an ETF that invests in the 50 largest, most liquid Indian securities.

Indian stocks have moved up 34%, to record highs, since the May 2014 election of Narendra Modi as prime minister.

The government has just introduced its first full-year budget, and the $290-billion spending plan includes an additional $12 billion to address one of the country’s most pressing needs—modernizing its transportation, communications and electrical infrastructure.

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ISHARES MSCI AUSTRALIA ETF $23.58 (New York symbol EWA; buy or sell through brokers) is an ETF that holds the 72 largest Australian stocks. Its MER is 0.49%.

The fund’s top holdings include Commonwealth Bank of Australia, 11.8%; Westpac Banking Corp., 9.3%; BHP Billiton, 8.5%; Australia and New Zealand Banking Group, 7.7%; National Australia Bank, 7.1%; Wesfarmers, 3.9%; CSL Ltd., 3.5%; Woolworths, 3.1%; Rio Tinto, 2.2%; Telstra Group, 2.2%; Woodside Petroleum, 2.1%; Macquarie Group, 1.7%; and Scentre Group, 1.6%.

Australia benefits from its stable banking and political systems. It’s also rich in natural resources, and while low commodity prices have hurt its economy lately, its close proximity to Asian markets with vast potential, including India and China, gives it strong long-term prospects.

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ISHARES MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND $17.39 (New York symbol ESR; buy or sell through brokers) has 65.6% of its assets invested in Russia, followed by Poland at 27.2%; Czech Republic, 3.6%; and Hungary, 3.2%.

The fund’s top holdings are Gazprom (Russia: gas utility), 13.4%; Lukoil (Russia: oil), 11.2%; Magnit PJSC (Russia: retailing), 5.7%; Sberbank (Russia: bank), 5.3%; MMC Norilsk Nickel (Russia: mining), 4.5%; and Novatek (Russia: natural gas), 3.5%.

The iShares MSCI Emerging Markets Eastern Europe Index Fund’s expense ratio is 0.67%.

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ISHARES MSCI BRAZIL INDEX FUND $33.26 (New York symbol EWZ; buy or sell through brokers) is an ETF that is designed to track the Brazilian stock market.

Its top holdings are Cia Itau Unibanco Holding (banking), 10.3%; AmBev SA (beer and beverages), 8.6%; Banco Brandesco SA, 8.0%; Petrobras (oil and gas), 6.3%; Vale do Rio Doce (mining), 5.6%; BRF SA (food), 4.6%; and Cielo SA (payment processing), 3.4%.

The ETF was launched on July 10, 2000. It has a 0.62% expense ratio.

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ISHARES MSCI CHILE INVESTABLE MARKET INDEX FUND $40.95 (New York symbol ECH; buy or sell through brokers) is an ETF that aims to track the MSCI Chile Investable Market Index, which consists of stocks that mainly trade on the Santiago Stock Exchange.

The fund’s top holdings are S.A.C.I. Falabella (retail), 10.6%; Enersis SA (electricity), 9.6%; Empresas Copec SA (conglomerate), 7.9%; Empresa Nacional de Electricidad (electricity), 7.2%; LATAM Airlines, 5.0%; Banco Santander Chile (banking), 4.9%; Empresas CMPC (pulp and paper), 4.9%; Banco de Chile, 4.4%; Cencosud SA (retailer), 4.2%; and Quimica y Minera de Chile (mining), 4.1%.

The fund’s industry breakdown is: Utilities, 28.3%; Financials, 18.1%; Materials, 11.8%; Consumer Discretionary, 11.4%; Consumer Staples, 9.3%; Industrials, 8.2%; Energy, 7.7%; Telecommunications, 2.2%; and Information Technology, 2.2%.

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ISHARES MSCI GERMANY FUND $29.42 (New York symbol EWG; buy or sell through brokers) tracks the stocks in the MSCI Germany Index.

This index aims to replicate 85% of the market capitalization of the German stock market. The remaining 15% is unavailable for investment, partly due to limitations on foreign ownership.

The ETF’s top holdings are Bayer (diversified chemicals), 9.9%; Daimler (autos), 7.5%; BASF (chemicals), 7.3%; Siemens (engineering conglomerate), 7.9%; Allianz (insurance), 8.2%; SAP (software), 5.3%; Deutsche Telekom, 4.7%; Deutsche Bank AG, 3.7%; BMW AG, 3.4%; and Volkswagen AG, 3.1%.

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ENCANA CORP. $15.20 (Toronto symbol ECA; Shares outstanding: 741.1 million; Market cap: $11.6 billion; TSINetwork Rating: Average; Dividend yield: 2.3%; www.encana.com) produced 416,700 barrels a day (74% gas, 26% oil) in the three months ended December 31, 2014. That’s down 20.4% from 523,400 barrels a year earlier.

As well, Encana’s realized gas prices, which include the benefit of hedging contracts, fell 4.1%, while oil prices declined 0.9%. As a result, the company’s cash flow per share fell 44.0%, to $0.51 from $0.91.

Encana plans to spend $2.0 billion to $2.2 billion on new projects and upgrades in 2015, down from its earlier forecast of $2.7 billion. Even so, that’s more than its projected cash flow of $1.4 billion to $1.6 billion.

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TD BANK $54.16 (Toronto symbol TD; Shares outstanding: 1.8 billion; Market cap: $100.2 billion; TSINetwork Rating: Above Average; Dividend yield: 3.8%; www.td.com) continues to benefit from gains in retail banking in both Canada and the U.S. The bank is also profiting from last year’s deal with Aimia (Toronto symbol AIM) to become the main credit card issuer for the popular Aeroplan travel-reward program.

As a result, TD’s earnings, excluding one-time items, rose 4.9% in the three months ended January 31, 2015, to $2.12 billion from $2.02 billion a year earlier. Per-share profits gained 5.7%, to $1.12 from $1.06.

Revenue rose slightly, to $7.61 billion from $7.57 billion. The bank set aside $362 million to cover potential bad loans in the latest quarter, down 29.1% from $456 million a year earlier.

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MANITOBA TELECOM $24.73 (Toronto symbol MBT; Shares outstanding: 78.1 million; Market cap: $1.9 billion; TSINetwork Rating: Average; Dividend yield: 6.9%; www.mts.ca) earned $0.31 a share in the three months ended December 31, 2014. That’s a big improvement over the year-earlier quarter, when writedowns and other unusual charges led to a loss of $1.25 a share. Overall revenue fell 0.9%, to $404.8 million from $408.5 million.

The company is now conducting a strategic review to spur long-term profit growth. This could lead to asset sales or other moves, including cutting its $1.70-a-share dividend, which yields 6.9%.

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Pat McKeough responds to many requests from members of his Inner Circle for specific stock advice as well as questions on investment strategy and the economy. Every week, his comments and recommendations on the most intriguing questions of the past week go out to all Inner Circle members. And each week, we offer you one of the highlights from these Q&A sessions. We give you Pat’s buy-hold-sell recommendation as well as his analysis of the stock. This is part of the specific buy, hold and sell advice we offer you in our daily posts. Every week you get “A Stock to Sell” on Monday, “Best Canadian Stocks” on Tuesday, and “U.S. Stock Picks” on Thursday. Q: Hello, Pat. Can I get your thoughts on Under Armour? Thanks....

SNC-LAVALIN GROUP INC. $38 (Toronto symbol SNC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 152.5 million; Market cap: $5.8 billion; Price-to-sales ratio: 0.7; Dividend yield: 2.6%; TSINetwork Rating: Average; www.snclavalin.com) earned $106.7 million in the fourth quarter of 2014, up 0.6% from $106.1 million a year earlier. Earnings per share were unchanged at $0.70. These figures exclude a gain on the sale of AltaLink, which operates power lines in Alberta.

Revenue jumped 32.7%, to $2.8 billion from $2.1 billion, due to the recent acquisition of U.K.-based Kentz, which provides engineering and construction services to the oil and gas industry.

The stock has suffered lately, mainly due to formal charges against the company for using bribes to win construction contracts in Libya between 2001 and 2011. These are the same allegations that prompted SNC to replace its senior executives in 2012 and bring in a new program to enforce ethical practices.

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GREAT-WEST LIFECO INC. $35 (Toronto symbol GWO; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 996.7 million; Market cap: $34.9 billion; Price-to-sales ratio: 0.9; Dividend yield: 3.7%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) is paying an undisclosed sum for the Irish operations of Legal & General Group plc. This business provides investment and tax-planning services to wealthy individuals. It looks like a nice fit with Irish Life, a leading insurance firm Great-West acquired in 2013.

Thanks to Irish Life’s contribution and savings from eliminating duplicate functions, Great-West’s earnings jumped 34.7% in the three months ended December 31, 2014, to $0.66 a share from $0.49 a year earlier. Revenue rose 33.1%, to $10.7 billion from $8.1 billion.

The company has also raised its quarterly dividend by 6.0%, to $0.3260 a share from $0.3075. The new annual rate of $1.30 yields 3.7%.

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CANADIAN IMPERIAL BANK OF COMMERCE $93 (Toronto symbol CM; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 397.2 million; Market cap: $36.9 billion; Price-to-sales ratio: 3.0; Dividend yield: 4.6%; TSINetwork Rating: Above Average; www.cibc.com) sold half of its Aeroplan accounts to TD Bank (see page 31) when TD took over the plan at the start of 2014.

The sale cut CIBC’s revenue by 4.7% in the three months ended January 31, 2015, to $3.5 billion from $3.6 billion a year earlier.

Excluding a gain on the Aeroplan sale and other unusual items, earnings improved 0.5%, to $956 million from $951 million. Per-share profits rose 2.2%, to $2.36 from $2.31, on fewer shares outstanding.

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BANK OF MONTREAL $76 (Toronto symbol BMO; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 647.0 million; Market cap: $49.2 billion; Price-to-sales ratio: 3.0; Dividend yield: 4.2%; TSINetwork Rating: Above Average; www.bmo.com) earned $1.04 billion in its fiscal 2015 first quarter, which ended January 31, 2015. That’s down 3.9% from $1.08 billion a year earlier. Per-share earnings declined 5.0%, to $1.53 from $1.61.

Earnings from Canadian retail banking (47% of the total) rose 3.5% as low interest rates continued to spur loan demand. The U.S. retail banking division (16%) saw its profits rise 3.6% as higher loan volumes offset the additional funds it set aside to cover potential bad loans.

The wealth management division’s earnings (17%) rose 2.2%. Lower earnings from this business’s insurance operations offset the contribution from recently acquired U.K.-based wealth manager F&C Asset Management. However, the trading division’s earnings (20%) fell 19.9%, mainly due to lower trading volumes and underwriting fees.

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BANK OF NOVA SCOTIA $63 (Toronto symbol BNS; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 1.2 billion; Market cap: $75.6 billion; Price-to-sales ratio: 3.4; Dividend yield: 4.3%; TSINetwork Rating: Above Average; www.scotiabank.com) reported that its earnings rose 2.6% in the quarter ended January 31, 2015, to $1.65 billion from $1.61 billion a year earlier. Per-share profits gained 2.3%, to $1.35 from $1.32, on more shares outstanding. Revenue rose 3.9%, to $5.9 billion from $5.6 billion.

Earnings at the Canadian banking division (which supplies 50% of total earnings) fell 1.7%, mainly because the bank sold most of its shares in mutual fund provider CI Financial (Toronto symbol CIX) in 2014. Excluding CI and adjusting for changing tax rates, this division’s earnings rose 6% due to steady loan and deposit growth. Higher stock markets also increased the value of the assets its wealth management business administers.

The international division (25% of total earnings) saw its profits fall 1.9% on higher loanloss provisions in Colombia and negative foreign exchange rates. However, earnings at the securities trading business (25%) rose 4.1% on higher stock and foreign exchange trading volumes.

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ROYAL BANK OF CANADA $76 (Toronto symbol RY; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 1.4 billion; Market cap: $106.4 billion; Price-to-sales ratio: 3.2; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.rbc.com) recently said it would buy City National (New York symbol CYN).

This Los Angeles-based bank focuses on wealthy individuals and lending to businesses in the entertainment, technology and health care industries. Royal plans to merge it with its U.S. wealth management operations.

Royal will pay $5.4 billion U.S. (50% in cash and 50% in shares). Assuming City National shareholders and regulators approve, Royal expects to complete the purchase by the end of 2015. It will start contributing to Royal’s earnings in two years.

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Every Thursday we bring you one of our best U.S. stock picks. You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You will read about stocks making moves you should know about, most often from coverage in our newsletter on U.S. investing, Wall Street Stock Forecaster.

WAL-MART STORES INC. (New York symbol WMT; www.walmart.com) gets about 60% of its sales from its 4,516 stores in the U.S., including 3,407 supercentres, which sell both groceries and general merchandise. Groceries now supply 56% of Wal-Mart’s U.S. sales.

In 1991, the company opened its first store outside of the U.S. through a joint venture with a Mexican retailer. Its international division (29% of total sales) now operates 6,290 stores in 26 countries.

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Building on the strong performance of its shopping mall empire, RioCan REIT unlocks more property value in a deal with Hudson’s Bay.

Because its properties are concentrated smaller cities, Partners REIT faces limited growth prospects and a setback with its dividend.

ENERPLUS CORP. $13.06 (Toronto symbol ERF; Shares outstanding: 205.4 million; Market cap: $2.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.6%) produces an average of 105,591 barrels of oil equivalent a day (56% gas and 44% oil). The company’s properties are mainly in Alberta, Saskatchewan, B.C., North Dakota and Montana, as well as the Marcellus shale, which passes through Pennsylvania, New York, Ohio and West Virginia. In the quarter ended December 31, 2014, Enerplus’s production rose 12.1% from a year earlier. That increase, plus higher realized gas prices, pushed cash flow per share up 15.7%, to $1.03 from $0.89. Like ARC, Enerplus will cut spending this year. Its outlays will now total $480 million, down 24.4% from its original estimate of $635 million and 40.8% from $811.0 million in 2014....

ARC RESOURCES $24.16 (Toronto symbol ARX; Shares outstanding: 335.0 million; Market cap: $8.2 billion; TSINetwork Rating: Speculative; Dividend yield: 5.1%; www.arcresources.com) produces oil and natural gas in Western Canada. Its average daily output of 117,986 barrels of oil equivalent is 61% gas and 39% oil. In the quarter ended December 31, 2014, ARC’s cash flow per share rose 3.9%, to $0.79 from $0.76 a year earlier. Realized oil prices fell 12.5%, to $72.49 a barrel from $82.85, but ARC’s production gained 17.0%, and its realized gas prices rose 15.0%. Like many oil and gas producers, ARC plans to cut back on exploration and development spending. This year, the company will devote $750.0 million to this purpose, down from $945.5 million in 2014....

IMPERIAL OIL $47.96 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $41.2 billion; TSINetwork Rating: Average; Dividend yield: 1.1%; www.imperialoil.ca) expects to spend $4.0 billion on capital projects in 2015, down 29.8% from $5.7 billion in 2014. Most of that will go toward expanding its 71%-owned Kearl oil sands project, as well as its Cold Lake oil sands property. These two projects will last decades, so the recent drop in oil prices will have little impact on their long-term prospects. Imperial Oil is a buy.