Technology shares received an unexpected boost on Monday after IBM pre-announced earnings that showed it might defy an expected downturn in corporate tech spending.

IBM said it benefited from a weak dollar and growth in its business overseas in the fourth quarter. It reported earnings per share of $2.80, 24 per cent higher than a year ago. Revenues were 10 per cent higher at $28.9bn, with 6 percentage points coming from currency benefits.